The new Tax Cuts and Jobs Act (TCJA) cuts individual tax rates and increases the standard deduction, while eliminating or scaling back some prized tax deductions. Generally, the changes take effect in 2018 and sunset after 2025, unless Congress takes further action.
Alert: This may be the last year you get the full tax benefit of certain tax deductions.
These “last-chance deductions” can be claimed on your 2017 return—due by April 17, 2018—under the prior-law rules.
Notably, the increased standard deduction will result in fewer taxpayers benefitting from itemized deductions—including those still allowed for charitable donations and medical expenses—after 2017. With that in mind, here are six top deductions on the endangered species list for 2018 but still on the books for your 2017 return.
1. Latch onto mortgage interest. Under prior law, you can write off mortgage interest paid on:
- The first $1 million o...(register to read more)